DG Valuation to revise valuation of Ammonium Bicorbonate on February 21

KARACHI: Directorate General, Customs Valuation, Director General Surriya Ahmed Butt has decided to revise the Valuation Ruling No: 799/2016 on February 21, 2018, it is learnt.

Surriya Butt has said that the department was reviewing suggestions from various importers to set new prices of Ammonium Bicorbonate. She said that some valuations, which were issued in 2016, were being reviewed from the beginning.

Moreover, the valuations will be set in view of rising prices in the international market. Sources said that a petition was submitted before the Customs Valuation in which change in prices of Ammonium Bicorbonate was requested.

Sources said that Valuation Ruling No: 799/2016 was issued on January 22, 2016. A meeting was held with the stakeholders on 11 January 2018.

Importers were told to furnish the import invoices of the last three months showing factual values as well as websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value could be ascertained.